Bank of America
In 2005, Bank of America (BoA) improved shareholder return through a number of initiatives. The highlights include accelerating growth by attracting, retaining and deepening more customer relationships.
The group also completed the FleetBoston Financial merger transition in the US north east, exceeding what it had promised in almost every category.
BoA acquired MBNA, making it the top provider of debit and credit cards in the US. The resulting opportunities for growth include product and distribution benefits for customers, revenue opportunities resulting from combined strengths, and cost savings from consolidating operations.
BoA became the first US bank to invest directly in a major Chinese bank, finalising a partnership with China Construction Bank to become a significant shareholder and long-term strategic partner.
“Our associates are working every day, all over the world, to build strong, deep relationships with customers and clients across all our market segments,” says CEO Kenneth D Lewis.
“Our goal is to combine the strengths of our company to create more value for our customers and clients. Those strengths include an ability to innovate based on broad and deep knowledge of our customers’ needs, an increasingly global franchise, a culture of execution and process excellence and the ability to integrate the services we provide on behalf of our customers.
“We are proud of our success in building a company that produces strong, consistent financial returns for its shareholders by creating value for our customers every day.”
